GEO
Michael Burry has bought more shares of this REIT so I thought I'd give a look at the chart for those who want to follow him.
What the chart is saying:
Big downtrend since May 2017. In May 2021, the stock has started a consolidation/base in form of a range between 5.5 and 9.54.
This range could be a bottom formation.
Note that bottoming pattern takes time and this one could continue for a few more weeks/months. However a break out of the range (9.54) could confirm a change of trend and a long trade/investment.
Keep monitoring this stock in the next few days/weeks, set an alert at the top of the range. If it breaks out of the range, the first potential targets are 11, 13.90 and 17.
I remain neutral for now. On watch.
Michael Burry has bought more shares of this REIT so I thought I'd give a look at the chart for those who want to follow him.
What the chart is saying:
Big downtrend since May 2017. In May 2021, the stock has started a consolidation/base in form of a range between 5.5 and 9.54.
This range could be a bottom formation.
Note that bottoming pattern takes time and this one could continue for a few more weeks/months. However a break out of the range (9.54) could confirm a change of trend and a long trade/investment.
Keep monitoring this stock in the next few days/weeks, set an alert at the top of the range. If it breaks out of the range, the first potential targets are 11, 13.90 and 17.
I remain neutral for now. On watch.
Trade active:
LONG on the break out
Trade active:
Wow, nice breakout, 1st target reached.
Trade active:
We're now above the 1st target. RSI entering overbought zone. TD sequential 9 on weekly. If you're in a short term trade, be cautious, as it could cool off and retrace. Not impossible to return to the scene of the crime, ie 9.54 or a bit higher, before going up again. Anyway, hard to know, I could be wrong too, but please manage your risk.